Bank Muscat, Sabre to name two each to Centurion board
Mumbai: Post-implementation of the recapitalisation scheme, the board of Centurion Bank will have two directors each from Bank Muscat and Sabre Capital Worldwide, says a report. Keppel Corporation (Singapore) will have one representative on the board while the Asian Development Bank (ADB) will not have any representation on the reconstituted board, according to Sabre Capital chairman Rana Talwar, who will also be the bank's chairman.

"The recapitalisation scheme of the bank is on course and it does comply with the guidelines on foreign direct investment (FDI). We do not require any approval from any other government agencies except the Reserve Bank of India (RBI), which also in-principle has approved the scheme," Talwar said on Thursday after signing the shareholders' agreement.
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Visa launches POS terminal
Mumbai: Visa International has introduced an indigenously developed low-cost point-of-sale (POS) terminal in India. The terminal has been developed by Hyderabad-based Linkwell Telesystems Pvt Ltd and can work both on fixed line telephone as well as wireless CDMA network.

"We expect to deploy around 1,000 POS terminals in over a month and over 5,000 in the first year," Visa International South Asia country manager Santanu Mukherjee said. "Such POS terminals will reduce the network infrastructure and telecommunication costs by over 50 per cent and are most suitable for entry level small and medium sized merchants."
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HSBC open offer for UTI Bank stake on 31 Jan
Mumbai: HSBC has said that its open offer to the shareholders of UTI Bank to buy 20 per cent equity as required under Securities and Exchange Board of India regulations will commence on 31 January. The offer will be at Rs 90 per share, the same price at which HSBC has agreed to buy 20.08 per cent from CDC Capital Partners. The offer will close on March 1, SBI Capital Markets, managers to the offer, informed stock exchanges.

The notice to the exchange said: "HSBC Asia Pacifc Holdings UK Ltd (the Acquirer or HSBC APHL) along with the Hongkong and Shanghai Banking Corporation Ltd, Hongkong (PAC or HBAP) is making an open offer to the shareholders of UTI Bank Ltd to acquire up to 4,61,81,916 fully paid up equity shares representing 20 per cent of the fully paid up equity share capital of UTI Bank Ltd. The price of the open offer will be Rs 90 per paid up equity share payable in cash."
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